"Turkey's Central Bank Grapples with Soaring Inflation, Faces Leadership Shake-Up"

Turkey's inflation surged by 6.7% in January, marking the largest monthly increase since August, and nearing 65% year-on-year, according to the Turkish Central Bank. The sectors with the biggest monthly price rises were health, hotels, cafes and restaurants, and miscellaneous goods and services, while clothing and footwear saw a decrease. The central bank has implemented eight consecutive interest rate hikes since May 2023, with the latest raising the key interest rate to 45% in an effort to combat inflation.